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Aramco Advances Downstream Plans With Petro Rabigh, Sadara Progress
...d Saudi firm Taqa with ethylene oxide and propylene oxide for production of oilfield chemicals (MEES, 11 September). Aramco’s 2014 annual report says that integrating chemicals production with refining is “a core element of our downstream strategy.” The recently completed 400,000 b/d Satorp re...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
IEA Sees Cost Of Renewables Falling, But Regional Adoption Constrained
...velopment remains patchy. Policies aimed at enhancing energy security and sustainability lie behind record growth in global renewable electricity capacity in 2014. An additional 130GW of renewables capacity – more than 45% of net capacity added – took total global renewables capacity to 1.81TW by the en...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Russia Ready To Talk… But Opec, Shell Issue Oil Price Warning
...heduled to meet for their next ordinary meeting in Vienna in early December, where they will ultimately review the outcome of their Saudi-led policy of non-intervention adopted two meetings ago in November 2014, and rubber stamped at the latest meeting in June. MOSCOW’S U-TURN? To ma...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
US Year-On-Year Oil Output Growth To Turn Negative As Of January 2016
...96mn b/d in September 2014. But, the decline could be more dramatic than some expect, Mr Papa warns. “It is happening literally as we speak,” he said. Production growth year-on-year has fallen to around 600,000 b/d very recently, he said, compared to a constant growth of about 1.1mn b/d since June 20...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Iraq Attempts Fiscal Correction Amid Political Vacuum
...d “$15bn in payments owed to oil companies” due to “waste of the country’s wealth as a result of flawed policies of the former government through gifts from the necessary leader, especially during campaign seasons.” For context, Iraq had about $3bn in hand when Mr ‘Abadi took office in September 2014, al...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Oil Services Sector To Cut More Jobs Amid Oil Price Squeeze
...added he expects smaller firms to merge as a direct response to the “industry downturn”. Oil prices are down by more than 50% from their mid-2014 peak of around $110/B (for Brent), with the steepest fall taking place in the last two months of 2014. IOCs took some time to slash their capital sp...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Egypt: New Ganope Bid Round
...l production. On 3 August the firm awarded five of the 10 blocks on offer in its 2014 bid round with total commitments for $100mn to drill 16 wells. Three of the awarded blocks were for well-worked acreage in the southern Gulf of Suez, while Houston-based IPR took both Western Desert blocks (ME...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
IMF: Reforms Key If Iran To Benefit From Nuclear Deal
...facing the problem of high non-performing assets” which have resulted in unsustainably high real interest rates and stagnant credit in the economy. Unemployment has remained at 10.5%, level with December 2014. OIL: THE DRIVER The IMF says the Iranian economy may have contracted during the fi...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Oman: Debut Sukuk
...gher growth trend of 4.9% on average between 2005 and 2014. Offsetting this strength is the likely sharp fall in nominal GDP in 2015, as a result of the collapse in oil prices. Moody’s base case scenario for oil market trends is a Brent crude oil price of $55/B on average in 2015, rising gradually to...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Iran: The Subsidies Dilemma
...fore. Pressured by various forces, the Rohani team finally came up with a new plan. The subsidies “second phase” promised to start from the third month of Iran’s New Year (May 2014). Monthly cash payments were now to be given to the head of each family after (1) he or she answered a questionnaire re...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Benchmark Crude Prices ($/B)
...15 2014 2013 2012 WTI 49.43 45.01 45.63 45.44 42.90 46.62 58...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Egypt Awards Four Offshore Gas Blocks Following August 30tcf Discovery
...ock 12), which is adjacent to the North Thekah and North Port Fouad blocks, awarded to Edison in 2014 following an earlier EGAS bid round. These blocks border Israel’s Neta and Royee blocks which Edison also operates, and hold an estimated 3.2 tcf of gas. BP will take the North El Tabya block (Block 14...
Volume: 58Issue: 41Published at Fri, 09 Oct 2015 -
Asian Buying Of Iranian Oil Down Year On Year
...her regular oil customer Turkey is only available until June. The biggest fall in purchases came in India which cut its average imports from 275,000 b/d in the first eight months of 2014 to 213,000 b/d in the same period of this year, a 22% drop, on the back of sharply reduced buying in ea...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
OPEC, Non-OPEC Coordination Unrealistic, Says Kuwait
...mping, and then we would lose our market share.” Brent crude futures were trading at around $45/B as MEES went to press, down from around $55/B three months ago, $95/B 12 months ago, and above $100/B in late-June 2014 (see p16). These latest comments from the Kuwaiti minister are in line with the st...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Libya: Peace Elusive After A Year Of UN Talks
...LIBYA Libya: Peace Elusive After A Year Of UN Talks One year after the UN mediation to resolve the conflict in Libya began, the outcome is still in the balance. The UN Support Mission in Libya (UNSMIL) hosted the first round of dialogue on 29 September 2014. Last week, it held what le...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Kuwait Nears Sale Of European Refinery, Targets Asian Downstream
...en no concrete progress to date, KPC and Sinopec have signed a memorandum of understanding for downstream cooperation. However, Kuwait is looking to reduce its exposure from 50% to 30% by bringing in a third partner (MEES, 13 June, 2014). KUWAIT CRUDE SUPPLY/DEMAND (‘000 B/D) KU...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Yemen’s Aden Refinery Restarts After Five Month Hiatus
...rib Basin fields to the port of Hodeidah, from where it is shipped to Aden in tankers. MEES estimated Yemen’s overall oil output at almost 110,000 b/d in April, as hostilities worsened, down from an average of around 160,000 b/d in 2014 (MEES, 3 April). Since then almost all oil producing operations ha...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Despite Record Gasoline Imports, Egypt’s Retail Pumps Run Dry
...14 2014 2013 2012 2011 CRUDE OIL: Production* 692 +4 688 676 68...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Egypt Official Crude & Oil Products Output & Demand (‘000 B/D)
...2Q14 1Q15 4Q14 3Q14 2Q14 2014 2013 2012 2011 CRUDE OIL: Production* 69...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015 -
Saudi Electricity Demand To Rise 32% By 2020, Says ECRA
...pected need. Peak electricity load in Saudi Arabia is projected to rise by 18GW or 32% from 2014 to 2020, according to the Electricity and Cogeneration Regulatory Authority (ECRA). In its newly-released annual statistical booklet for 2014, ECRA sees peak demand rising from 57GW in 2014 to 75GW in 20...
Volume: 58Issue: 40Published at Fri, 02 Oct 2015